Features of Electronic Wallet

features of electronic wallet

Features of Electronic Wallet:- Electronic wallets are commercially available for pocket, palm-sized, handheld, and desktop PCs. Most sites do not rely on wallets because their implementation forces the user to download the software and to establish a relatively complicated configuration.

Buyer enters the purchase details and their ID and sends it over the Internet to the e-business web-server. Buyer’s ID information is sent to the electronic wallet.

The electronic wallet verifies the buyer’s ID and sends the payment information to the web server. Thus the order is fulfilled and the order is placed in the shopping cart.

Some major electronic wallet providers are Microsoft. NET passport, Yahoo, Cybercash,  AOL and Google.

In the future, electronic wallet owners could track the purchases and maintain a receipt for those purchases. The electronic wallets can also suggest when the customer might find a lower price on an item that he purchases regularly.

Following are the features of an electronic wallet:-

  • Consumers need to enter their information just once in the electronic wallet, instead of having to enter their information at every site with which they want to do business.
  • Electronic wallets provide convenience for the consumer and make online shopping more efficient.
  • When consumers select items to purchase, they can then click their electronic wallet to order the items quickly.
  • Some electronic wallets can also hold e-cash from various providers and provide at an e-commerce site’s checkout page.
  • Using digital wallets merchants can lower their transaction opportunities for their products
  • They store personal and financial information such as credit, passwords. PINs and much more.
  • They also eliminate the reentering of personal information on the forms, resulting in higher speed and efficiency for online shoppers.
  • Financial intermediaries benefit from the use of digital wallets because they receive processing fee for each transaction.
  • They support serial types of credit cards, digital cash, paper, and digital checks, and purchase orders.
  • They offer a secure, convenient and portable tool for online shopping.
  • They make shopping more efficient. When customers select items to purchase, they can click their electronic wallet to order the items quickly.

Read Also

Electronic Cash and Process of creating E-cash

Electronic Cash System | Payment Processing Solutions

Electronic payment System – Types and Features of E-payment

Characteristics of Electronic Payment System

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